If you've read Muhammad Yunas' amazing book Banker to the Poor, you know what a profound impact microlending can have on third world countries. Tiny loans (as little as $10 in some cases) have allowed poor families to invest in the rudiments of a business, in some cases breaking the cycle of poverty.
Now MicroPlace.com, with the backing of eBay Inc. (NASDAQ: EBAY), wants to make it easier for those of us in the Western world to finance these endeavors -- and earn a return too, as high as 4%.
While the site may not be profitable and certainly isn't a material contribution to a company the size of eBay, it could help the company where it needs help these days: its reputation.
The minimum investment is only $100, and subsequent contributions can be as little as $50. It's definitely something worth looking into, and the fact that you can earn interest makes this an ideal way to "do well by doing good."
If you're a parent, I would suggest opening up an account for you children this holiday season. It's a way to give them the gift of giving back, along with that Nintendo Wii or pair of Heelys.
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Reader Comments (Page 1 of 1)
11-06-2007 @ 7:56AM
Ron said...
Please do us a favor and be responsible before you post articles about sites like this. Explain to your readers about the massive number of defaults. Or do you just post fluff pieces?
11-06-2007 @ 6:02PM
Alex Esguerra said...
The site looks cool and easy to sign up. However, it is still limited like e.g. Southeast Asia, they only have Cambodia.
Likewise, this type of funding is what is needed now in the US for homebased low income self employed, disabled or micro entrepreneurs.
However, it is mostly getting Americans to invest outside of the US, when a lot of people in the USA are desperatle needing help.